Running an effective trust
Trustee succession plans
A trustee succession plan sets your trust up for the future, ensuring whānau have the right capability to keep the trust going.
What is a trustee succession plan?
A trustee succession plan defines what will happen when a current trustee leaves, retires or dies. Having a succession plan in place for your trust gives your governance strength and longevity.
Trustees should create the plan early on, so that if a trustee leaves suddenly, the process is already in place.
Talking with your owners about this will help to recruit our future governors and leaders.
What should be covered in a succession plan?
A trustee succession plan lays out:
- a process for recruiting potential trustees, including how to call for votes from owners
- names of potential future trustees
- any specific expertise the trust needs in the trustee team
- a plan for how new trustees will be brought up to speed
- useful documentation for new trustees.